Talisman's Subsidiary Sells Non-Core Dutch Assets for $480MM

A wholly-owned subsidiary of Talisman Energy Inc. has entered into an agreement with Total Holdings Nederland B.V. to sell Talisman's entire non-operated interests in the Dutch sector of the North Sea for US $480 million, excluding working capital.

"We continue to focus Talisman's portfolio in line with our new strategy," said John A. Manzoni, President and Chief Executive Officer. "With the earlier sale of our Danish assets and now this transaction, the emphasis in the North Sea will be on positioning our UK assets as a firm production base and growing our Norwegian business."

These interests in the Dutch sector of the North Sea include 10.25% of the K4b/K5a license, 20.273% of the K5b license and 8% of the E18a licence. Talisman's production from the fields in 2007 averaged approximately 23 mmcfe/d, with year end proved reserves of approximately 43 bcfe.

The sale is subject to the usual government and third party consents.